An effective marketing strategy means life and death for a business. While the world is facing tough times, it is common for most companies to cut their budget allocation for marketing.
Experts strongly advise against that practice. Statistics show that companies that continue their marketing strategies perform best during recession.
So what makes a marketing strategy effective? It must be within the budget of the company, of course. It is cost-effective yet it results in remarkable increase in revenue and income. It substantially draws new customers and keeps existing ones.
A carefully developed marketing strategy is necessary in today's business environment which is marked by levelled economic growth and intense competition.
A marketing strategy is most effective when it is an integral part of corporate strategy and in line with the company’s over all mission statement.
Companies must be innovative and creative in their strategies in addition to knowing their target customers, considering the portfolio of products and anticipating the moves of competitors in the market.
While most marketing pursuits costs a lot, there are low- to no-cost alternatives that are equally effective in promoting offerings and driving up sales. Companies must be prepared to allocate time on planning these options.
One effective and affordable strategy is networking at events. By actively participating in meetings held by the chamber of commerce and other organizations, a company gets the chance to meet potential clients. Create a useful handout, one that the recipient will not throw away. Some companies opt to giving away planners complete with their business name, products, services and contact information.
A company may also submit interesting articles to newspapers and magazines. In efforts to take over competition, grab market share, boost sales, and tap technological advancements, companies have turned to using Internet marketing strategy.
